Agrokor Settlement Reached

By 31 May 2018

ZAGREB, May 31, 2018 - A representative of suppliers in Agrokor's interim council, Marica Vidaković, told Hina on Thursday that a settlement as part of the emergency administration in the ailing Agrokor food and retail conglomerate had been reached, stressing that suppliers are satisfied with it. "It is true. The settlement was reached late last night, namely all key elements have been negotiated," Vidaković told Hina over the phone.

She added that now lawyers needed to finish the formal part of the deal by June 8, when a session of the creditors' council was scheduled to be held. After that, the settlement deal should be forwarded to the Commercial Court.

Commenting on the details of the deal, Vidaković said the payment of 80 million euro of the border debt has been agreed ('border debt' refers to debt claims which came into existence before the emergency administration took over the company), adding that under the deal, supplier also expect the payment of 10 million euro in the near future.

The deal also includes an agreement with banks to write off 65 percent of the claims.

According to her, Sberbank gave up on a new roll-up, but it was enabled to swap its shares in Mercator for a stake at Agrokor. Vidaković said that Agram Invest joined the deal on Thursday morning.

Asked if she was satisfied with the deal, Vidaković said that it was impossible for suppliers to be dissatisfied. She also stressed that suppliers had managed to collect only a part of their claims.

Tagged under: agrokor